Startup Communities

Paul Richards

July 8th , 2013

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Startup communities develop innovative, entrepreneurial, growth orientated small businesses.

• Small businesses 98% of businesses;

• Represent the backbone of the economy;

• Small businesses spur innovation;

• Diversify the economy and create niche opportunity for youth, immigration and “new economy” jobs.

Startup Communities also create growth firms (gazelles);

• 1% of small businesses create 40% of new job creation

Startup Communities

2

The “Holly Grail” of economic development

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Elephant and the Blind Men

3

It is a question of perspective!

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• Need a core mass of talent – technical and business

• Create the community’s gravity to attract talent• A.B.R. (Always be recruiting)• Leverage academia (students, faculty, and

networks)• Recognize your talent gaps and fill them•

Talent -

4

Knowledge is fluid but embedded in people

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• Group of committed leaders• Action orientated • Leadership should be diverse and represent the

full startup ecosystem• focused on a very long view (10 -20 years to live

the vision)

Entrepreneurs & Leaders

5

Who will take the lead? Set the example and establish the new norms!

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• Pursue diversity• Expand networks• Formalize the sharing of ideas• Stage a variety of regular events• Commit to supporting other startups • Be findable

Community

6

Be a region that facilitates the collision of ideas; that is where ideas want to live!

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• identify the unfair advantages• embrace what is unique & indigenous to the

area• don’t try to recreate another community – that

boat has already sailed

Regional Competitive Advantage

7

Stop the “Silicon Valley envy “and build on your own strengths

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• Identify the top 10-15 in your market• Startup Mentors typically come from the startup

world• Import what you don’t possess• provide environments for them to connect• always be looking to grow the fraternity

Mentors

8

Metaphorically older and wiser and has traveled the road before

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• encourage the “lowering of the elavator”• crack the nut on unlocking private investment• Adopt a “pitching culture”• know who is interested in what• build bridges with other communities

Access to Capital Capital

9

Startup communities support their own

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Baseline

Growth of Core Mass

Sustainable Ecosystem

Startup Community Continum

10

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• Strong research and technical capacity (Acadia, NSCC & Kentville Research Station)

• Proximity to Halifax • High quality of life – desirable lifestyle• Emerging technology community (Refresh

Annapolis Valley)• Institutional support (innovacorp, ACRI, etc)• VCFN

Annapolis Valley Ecosystem

11

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Building a Foundation for a Startup Community

12

Grow existing businesses and ideas

Build a Network for

the Community

Programs that get people

thinking differently

Build broad based support to prioritize and focus on

your competitive

advantage on a sector.

Support the growth of technology businesses to establish a stronger core mass.

Establish a strong tech-groups to create networking and training opportunities, visibility and excitement.

Program to push innovation and create stronger ideas and commercialization skillsBuild broad based support for growing the knowledge based industry with a shared vision and philosophy.

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Competitive

Advantage(Agricultur

e ) Develop “ladder

” progra

ms

Become a

“nod”to Halifax

Annapolis Valley Focus

13

Deeper dives to enhance cluster